Two new firms join Succession

Two new firms join Succession

Edinburgh Investment Consultants and Tom Munro Financial Solutions have joined Succession Advisory Services as member firms.

The new firms bring with them £200m of funds under management, taking Succession’s total FUM to more than £10bn.

This follows Succession’s first acquisition this year, which took place earlier this week, of Reading-based Finch Financial Services LLP for a total consideration of £3m, after the firm joined Succession as a member in 2012.

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Last year, Simon Chamberlain, chief executive of Succession, said he plans to “fund the acquisition of the best 50 firms with £7bn of assets by the end of 2017 from our growing membership”.

Succession operates a staged buyout model that sees firms join first as members, at which point the group acquires a minority stake and sets out a series of ‘expectations’. When all of these have been met, Succession acquires the share it does not own, to provide an exit for the owner.

Mr Chamberlain said: “Our proven model to transition, then acquire already successful wealth management firms, continues to resonate with businesses seeking to build capital value while continuing to deliver a whole-of-market and uncompromising client-centric service”.

Lesley Mackintosh, chief executive of Edinburgh Investment Consultants and founder and innovator of subsidiary brand Independent Women, Scotland’s first specialist advice firm for women, added: “Joining Succession as a member is a great opportunity to join like-minded businesses and deliver a market leading service for our clients based on best practice”.

This story was amended immediately after publication to remove a reference to the firms having been acquired.